Fayez Sarofim & Co Sells 50,712 Shares of The Bank of New York Mellon Corporation $BK

Fayez Sarofim & Co cut its stake in The Bank of New York Mellon Corporation (NYSE:BK) by 2.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,128,778 shares of the bank’s stock after selling 50,712 shares during the period. Fayez Sarofim & Co owned approximately 0.31% of Bank of New York Mellon worth $231,952,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Valley Wealth Managers Inc. acquired a new stake in Bank of New York Mellon in the 3rd quarter valued at $33,000. Caldwell Trust Co bought a new stake in Bank of New York Mellon during the 2nd quarter worth about $36,000. Westside Investment Management Inc. boosted its stake in shares of Bank of New York Mellon by 44.1% during the 3rd quarter. Westside Investment Management Inc. now owns 415 shares of the bank’s stock worth $45,000 after buying an additional 127 shares during the last quarter. Dunhill Financial LLC grew its holdings in shares of Bank of New York Mellon by 130.8% in the 3rd quarter. Dunhill Financial LLC now owns 427 shares of the bank’s stock valued at $47,000 after acquiring an additional 242 shares in the last quarter. Finally, Community Bank N.A. grew its holdings in shares of Bank of New York Mellon by 250.4% in the 3rd quarter. Community Bank N.A. now owns 438 shares of the bank’s stock valued at $48,000 after acquiring an additional 313 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Stock Down 0.8%

Shares of BK stock opened at $116.18 on Monday. The Bank of New York Mellon Corporation has a 52-week low of $70.46 and a 52-week high of $128.76. The stock has a market cap of $79.96 billion, a price-to-earnings ratio of 15.68, a PEG ratio of 1.08 and a beta of 1.10. The firm’s 50-day moving average is $119.65 and its 200-day moving average is $113.28. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.71 and a current ratio of 0.71.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Friday, October 31st. The bank reported $1.91 EPS for the quarter. The business had revenue of $5.07 billion during the quarter. Bank of New York Mellon had a return on equity of 14.37% and a net margin of 13.62%. Sell-side analysts predict that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 5th. Stockholders of record on Friday, January 23rd were paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 1.8%. The ex-dividend date was Friday, January 23rd. Bank of New York Mellon’s payout ratio is currently 28.61%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on BK. Wells Fargo & Company upped their target price on Bank of New York Mellon from $119.00 to $122.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 14th. Barclays raised their price target on Bank of New York Mellon from $120.00 to $143.00 and gave the company an “overweight” rating in a research note on Monday, January 5th. Keefe, Bruyette & Woods boosted their price target on Bank of New York Mellon from $132.00 to $143.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 14th. Citigroup initiated coverage on Bank of New York Mellon in a research note on Monday, February 23rd. They set a “neutral” rating on the stock. Finally, New Street Research set a $143.00 price objective on Bank of New York Mellon in a report on Wednesday, January 14th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $131.92.

About Bank of New York Mellon

Bank of New York Mellon Corporation (BNY Mellon) is a global financial services company headquartered in New York City that provides a wide range of asset servicing, custody, and related financial infrastructure solutions to institutional clients. Its core businesses include custody and asset servicing, clearing and collateral management, treasury services, securities lending, corporate trust services, and depositary receipt administration. The company also offers investment management and advisory services through its asset management arm and provides technology-enabled solutions for trade processing, foreign exchange, and liquidity management.

BNY Mellon serves a broad client base that includes asset managers, pension funds, corporations, banks, broker-dealers and sovereign entities.